The interest rate for securing loan for micro, small and medium enterprises (MSME), traders, small industrialists and also on housing loans has been reduced down to 8.65% from the earlier 12.5% by Union Bank of India. The bank is concentrating more on the agriculture sector, some specific schemes for rice millers, poultry, dairy and farm mechanisation activities and on retail markets.

2017-09-14 :Union Bank of India to raise capital via QIP

Union Bank of India is in the process to raise Rs. 2,000 crore via qualified institutional placement and right issue. The raised funds will be used by the bank to meet its overall growth and provision requirements of the bank to foster better loan growth across its loans including personal loans, home loans and car loans segment.

In a bid to strengthen its capital base, Union Bank of India is in the process of raising Rs 2,000 crore from the market with some additional infusion of Rs. 1,500 crore from the government. The funds will be raised by the bank on the basis of qualified institutional placement. Meanwhile, the bank also plans to boost its home loan segment.

Union Bank of India has reduced its marginal cost based lending rate (MCLR) by 20 basis points across all tenors. For one year, the new MCLR rate has been revised to 8.20 per cent and for two and three years the rate has been reduced to 8.25 per cent and 8.30 per cent, respectively. While for six month, the lending rate is 8.05 per cent. The new MCLR rates are effective from 1st September, 2017.

In a bid to recover most of its non-performing assets (NPAs), Union Bank of India has announced the launch of its new mobile app. With this development, the bank is looking to recover NPAs below Rs. 5 crore with help of this newly launched mobile app. Meanwhile, the bank also plans to boost its loan against property (LAP) segment.

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